Topline
Global stock markets and U.S. futures tumbled on Monday as investors around the world braced for President Donald Trump’s plans to impose sweeping reciprocal tariffs against “all countries” starting April 2—a day he and his allies have dubbed “Liberation Day.”
US President Donald Trump speaks to members of the press while returning to Washington, DC on Air … More
Key Facts
In Japan, the Nikkei 225 index fell more than 4% to 35,617.56 points on Monday, while the Tokyo Stock Price Index (TOPIX) dropped more than 3.5% to 2,658.73 points.
China’s Shanghai Composite Index dropped nearly 0.5%, while the Hong Kong-based Hang Seng Index fell 1.3%.
South Korea’s benchmark KOSPI index was down 3%, Australia’s ASX 200 slid 1.7% and India’s Sensex dropped 0.25%.
European stocks were also hit, as the London Stock Exchange’s flagship FTSE 100 Index was down 1.19% in morning trading, while the pan-European EURO STOXX 50 was down 1.76%.
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How Have U.s. Stock Futures Been Impacted?
U.S. stock futures were also in the red during premarket trading early on Monday, with the tech-centric Nasdaq futures being the worst hit and falling 1.3% to 19,204.75 points. The benchmarked S&P 500 futures were down nearly 1% to 5,570.75 points, while Dow Futures dropped 0.6% to 41,590 points.
What Has Trump Said About The Reciprocal Tariffs?
Speaking to reporters onboard Air Force One on Sunday, Trump suggested there will be no exceptions when it comes to his reciprocal tariffs. When asked if he was planning to start imposing reciprocal tariffs on around 10 to 15 countries first, Trump said no, adding: “You’d start with all countries, so let’s see what happens…We’ve been talking about all countries, not a cutoff.” The president then said “We’re going to be much nicer than they were to us,” but added that the levies will still be a “substantial” amount.
What Have Trump Administration Officials Previously Said?
In an interview with Fox Business last week, the White House’s top economic adviser, Kevin Hassett, said there were more than 100 countries that “don’t really have any tariffs on us and don’t have any non-tariff barriers,” but there were “probably about 10 to 15 countries that account for the entire trillion dollar trade deficit, and they have both non-tariff barriers and big tariffs.” Hassett did not name the countries, but his remarks echoed Treasury Secretary Scott Bessent’s comments about the so-called “dirty 15” countries, which have “substantial tariffs” on U.S. goods. Without specifying their names, Bessent said the reciprocal tariffs will hit those group of countries the hardest.
What Is ‘liberation Day’?
The president has promised to unveil his reciprocal tariff measures on Wednesday, and both he and his allies have hyped the day up on social media as America’s “Liberation Day.” In all-caps post on Truth Social last week, Trump hyped up “Liberation Day,” saying: “FOR YEARS WE HAVE BEEN RIPPED OFF BY VIRTUALLY EVERY COUNTRY IN THE WORLD, BOTH FRIEND AND FOE…BUT THOSE DAYS ARE OVER.”
Further Reading
Trump Says He’ll Be ‘Lenient’ On Reciprocal Tariffs: Here’s What To Know As ‘Liberation Day’ Looms (Forbes)
Trump Threatens More Tariffs If EU Works With Canada To Cause ‘Economic Harm’ To US (Forbes)